Listed by Marcus & Millichap | The Patel Yozwiak Group
$1,475,000
ADVANCE AUTO PARTS
Details
APN 41733701
Property Type Retail
Sub Type Auto Shop
Square Footage 7,724
Cap Rate 4.85%
NOI $71,500
Occupancy 100%
Tenancy Single
Brand/Tenant Advance Auto Parts
Lease Type Absolute NNN
Lease Expiration 03/31/2034
Remaining Term 8
Rent Bumps Yes
Price per SqFt $191
Year Built 2014
Acreage 1.290
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 03/05/2014
Ground Lease Yes
Ownership Fee Simple
Absolute Net Ground Lease | Extremely Dense Retail Hub
Marketing description
Absolute Net Ground Lease with no landlord responsibilities. Tenant is responsible for everything including roof and structure. The property features 8 years of lease term remaining on the original 20 year ground lease, with two 5 year renewal options to extend the term through 2044. The lease features 10% rental increases every 5 years and two rental increases in each renewal option.
Investment highlights
- 8 YEARS OF LEASE TERM REMAINING: Tenant has 8 years remaining on the original 20 year ground lease, with two, 5 year renewal options to extend the term through 2044. The lease features 10% rental increases every 5 years and two rental increases in each renewal option.
- ABSOLUTE NET GROUND LEASE: No landlord responsibilities. Tenant is responsible for everything including roof and structure.
- HIGH-TRAFFIC CORRIDOR: High visibility with easy access from all traffic directions. Situated along E Virginia Beach Blvd (US-58)/N Military Hwy (US-13) with exposure to over 96,000 combined vehicles per day (VPD). Virginia Beach Blvd is a major traffic artery connecting downtown Norfolk to Virginia Beach following an extremely dense retail and commercial corridor.
- ADJACENT TO MAJOR REDEVELOPMENT PROJECT: Outparcel to Military Circle, a former mall site that was granted $1 million in design funding by the City of Norfolk to redevelop into a mixed-use recreation center and retail center.
- PROXIMITY TO DENSE RETAIL CORRIDOR AND MAJOR EMPLOYERS: Located near multiple national retail tenants such as Costco, BJ's Wholesale, Lowe's, Walmart Supercenter, McDonald's, Target, Home Depot, Harbor Freight, TJ Maxx, Burlington, Crunch Fitness, Popeyes, Olive Garden and much more. 1 mile from Sentara Leigh Hospital a 274 bed medical campus and 2 miles from Norfolk International Airport
- STRONG MILITARY BASED ECONOMY: The Norfolk-Virginia Beach metro has the second largest concentration of active-duty military in the US, with over 245,000 active-duty service members, civilian workforce and families across 15 military installations. Defense spending accounts for 45.6% of all regional economic activity.
- STRONG DEMOGRAPHICS: The 5 mile population exceeds 302,800 and is projected to increase by 2030. The daytime population within 1 mile sees a 153% increase. Average household incomes within 5 miles exceed $90,200. Virginia Beach is a major vacation destination seeing over 14 million annual visitors.
- STRATEGIC REGIONAL CONNECTIVITY: Centrally located within the Norfolk-Virginia Beach metro area, the property is just 5 miles from downtown Norfolk and 14 miles from Virginia Beach. The property has easy access to the Chesapeake Bay Bridge-Tunnel, Interstate 64 and Interstate 264.
Listing Contacts
Listed by Marcus & Millichap | The Patel Yozwiak Group
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$71,500.00
$5,958.33/mo
Valuation Metrics
0
DSCR
4.85%
Cap Rate
4.85%
ROI
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